It's not entirely uncommon for someone to start talking about launching a music festival and refer to it as an Arizona version of Coachella. The Country Thunder folks floated that idea with a proposed Liquid Sol Festival, which is theoretically happening on November 2nd at University of Phoenix Stadium according to their website, but doesn't have a lineup or anything.
More recently, there's the True Music Festival, using the not-at-all-ambitious tagline "One Day Will Change Everything." They ran some super-vague YouTube videos and such, so it really did seem like TMF wouldn't get to the "actually announcing a lineup" stage, but today, they have come through with at least some headliners, even if those headliners seemingly have nothing in common other than performing music for money.
So, on December 14 at Salt River Fields, you should be able to see Bassnectar, the Flaming Lips, Wiz Khalifa, Capital Cities and Lord Huron. No ticket information yet, but the festival organizers do promise that more acts are to come.